I am having some trouble understanding when to include bonus fraction and when not to.
For practice question number 1, the solution is calculated as if the bonus issue was made at the beginning of the year. It is calculated by dividing the year into 2 parts, before and after rights issue. On the other hand, in question 4 solution, it is calculating the WANES by dividing the year into three parts, before bonus issue, after bonus before rights, after rights.
Am I not understanding the question correctly? Why are they not consistent?